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Debt (Tables)
 9 Months Ended
Sep. 30, 2014
Debt Disclosure [Abstract]  
Schedule of Revolver and Term Loans
As of and for the three and nine months ended September 30, 2014 and 2013, details of the Revolver and Term Loans are as follows (in thousands):
 
 
 
 
 
 
 
Interest expense for the
 
 
 
 
 
 
 
three months ended September 30,
 
nine months ended September 30,
 
Outstanding Borrowings at September 30, 2014
 
Maturity Date
 
Interest Rate at September 30, 2014 (1)
 
2014
 
2013
 
2014
 
2013
Revolver (2)
$
—

 
November 2016
 
n/a
 
$
287

 
$
268

 
$
906

 
$
885

2013 Five-Year Term Loan (3)
400,000

 
August 2018
 
3.07%
 
3,137

 
914

 
9,090

 
914

2012 Five-Year Term Loan
400,000

 
March 2019
 
1.71%
 
1,748

 
1,329

 
4,898

 
4,137

Seven-Year Term Loan (4)
225,000

 
November 2019
 
4.04%
 
2,320

 
1,073

 
6,870

 
2,596

Total
$
1,025,000

 
 
 
 
 
$
7,492

 
$
3,584

 
$
21,764

 
$
8,532

 
(1)
Interest rate at September 30, 2014 gives effect to interest rate hedges and LIBOR floors, as applicable.
(2)
Includes the unused facility fee of $0.3 million and $0.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.8 million for the three and nine months ended September 30, 2013, respectively.
(3)
Includes interest expense related to an interest rate hedge of $1.3 million and $3.8 million for the three and nine months ended September 30, 2014, respectively, and $0.3 million and $0.3 million for the three and nine months ended September 30, 2013, respectively.
(4)
Includes interest expense related to an interest rate hedge of $1.0 million and $3.1 million for the three and nine months ended September 30, 2014, respectively, and $0.2 million and $0.2 million for the three and nine months ended September 30, 2013, respectively.
Schedule of mortgage loans
As of September 30, 2014 and December 31, 2013, the Company was subject to the following mortgage loans (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
Principal balance at,
Lender
 
Number of Assets Encumbered
 
Interest Rate at September 30, 2014 (1)
 
 
 
Maturity Date
 
 
 
September 30, 2014
 
 
 
December 31, 2013
Wells Fargo
 
5
 
3.76%
 
(2)
 
Oct 2014
 
(3)
 
$
142,000

 
 
 
$
142,000

Capmark Financial Group
 
1
 
5.55%
 
 
 
May 2015
 
(4)
 
10,615

 
 
 
10,916

Capmark Financial Group
 
1
 
5.55%
 
 
 
June 2015
 
(4)
 
4,605

 
 
 
4,736

Barclays Bank
 
12
 
5.55%
 
 
 
June 2015
 
(4)
 
108,576

 
 
 
111,632

Barclays Bank
 
4
 
5.60%
 
 
 
June 2015
 
(4)
 
27,030

 
 
 
27,804

Capmark Financial Group
 
1
 
5.50%
 
 
 
July 2015
 
(4)
 
6,273

 
 
 
6,450

Barclays Bank
 
1
 
5.44%
 
 
 
Sept 2015
 
(4)
 
10,236

 
 
 
10,521

PNC Bank (5)
 
5
 
2.51%
 
(2)
 
May 2016
 
(6)
 
74,000

 
 
 
85,000

Wells Fargo (7)
 
4
 
4.19%
 
(2)
 
Sept 2016
 
(8)
 
150,000

 
 
 
150,000

Barclays Bank (9)
 

 

 

 

 

 
—

 
 
 
2,475

Barclays Bank (9)
 

 

 

 

 

 
—

 
 
 
4,063

Capmark Financial Group (9)
 

 

 

 

 

 
—

 
 
 
4,068


 
34
 
 
 
 
 
 
 
 
 
$
533,335

 
 
 
$
559,665


(1)
Interest rate at September 30, 2014 gives effect to interest rate hedges and LIBOR floors, as applicable.
(2)
Requires payments of interest only until the commencement of the extension period(s).
(3)
On October 17, 2014, the Company refinanced these mortgage loans. See Footnote 16 for more information.
(4)
The Company is currently evaluating its options for repayment of these mortgage loans.
(5)
The five hotels encumbered by the PNC Bank loan are cross-collateralized.
(6)
Maturity date may be extended for one one-year term at the Company’s option, subject to certain lender requirements.
(7)
Two of the four hotels encumbered by the Wells Fargo loan are cross-collateralized.
(8)
Maturity date may be extended for four one-year terms at the Company’s option, subject to certain lender requirements.
(9)
Mortgage loan related to a property that was sold during the nine months ended September 30, 2014.